CFPB Plans to Regulate Debt Collectors & Credit Reporting Agencies

The Consumer Financial Protection Bureau has started looking into regulating non-bank financial industries now that it has a chief. For starters, it is looking at debt collectors and credit reporting agencies. Says CFPB chief Richard Cordray, “Our proposed rule would mean that those debt collectors and credit reporting agencies that qualify as larger participants are subject to the same supervision process that we apply to the banks.” (Hat tip: CNN)

Sam Glover is a lawyer and the founder and Editor in Chief of Lawyerist.com. He also works with lawyers on motion practice and appeals, and is President of the board of directors of HOME Line, a nonprofit Minnesota tenant advocacy organization.